USD 2202.25 million
Report ID:
SQMIG10C2029 |
Region:
Global |
Published Date: April, 2024
Pages:
176
|Tables:
86
|Figures:
72
Global Sodium Cyanide Market size was valued at USD 2202.25 million in 2022, USD 2303.55 million in 2023 and is projected to grow USD 3155.87 million by 2031, growing at a CAGR of 4.6% in the forecast period (2024-2031).
An inorganic toxic solid with a strong affinity for metals is sodium cyanide, or NaCN. It is a raw material used in the metal, agrochemical, dye & pigment, and pharmaceutical sectors. Due to its toxicity, it is also utilized as a pesticide and in analytical testing. The voluntary programme known as the International Cyanide Management Code for the Manufacture, Transport, and Use of Cyanide in the Production of Gold, or simply the Cyanide Code, was created to support the world's gold mining sector. Additionally, it supports the enhancement of cyanide management procedures for producers and transporters of cyanide used in gold mining, as well as their ability to openly exhibit adherence to the Cyanide Code via an impartial and open procedure.
White solid sodium cyanide (NaCN) is an inorganic chemical compound that dissolves in water. It is used as a pesticide in various chemicals to keep bugs out of agricultural farms and as a flotation agent in the mining sector to extract gold and silver from mineral ores. Over 90% of the world's gold producers use sodium cyanide, which is in high demand due to the expansion of mining operations. Leading gold-producing nations like Australia, China, and Russia are big users of this substance. Due to the growing demand for the precious metal worldwide, there has been an increase in gold extraction activities in major producing nations, which is responsible for this surge in market expansion.
Global Market Size
USD 2202.25 million
Largest Segment
Chemical
Fastest Growth
Mining
Growth Rate
4.6% CAGR
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The global sodium cyanide market is segmented based on product, industry, sales channel and regional type. In terms of product, the market is bifurcated into solid sodium cyanide and liquid sodium cyanide. Based on industry, the market is trifurcated into mining, chemical, dye & textile and pharmaceutical. In terms of sales channel, the market is divided into direct sales and distributed. Based on region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa. The delivery robot type outlook forecast has improved the global market CAGR in recent years.
Analysis by Industry
As per categorization by type, the market is classified into mining, chemical, dye & textile and pharmaceutical. Among these, chemical earned the largest share and continue to dominate the market. Significant innovation is now taking place in the global sodium cyanide market, especially in the mining industry where the chemical is widely employed to extract gold. Technological developments in chemical formulation and recycling are improving this application's environmental sustainability and efficiency. Businesses are spending more money on strategies to lessen the environmental impact of sodium cyanide, such as better systems for recovering and treating waste. Furthermore, in order to ensure compliance and reduce hazards, safer handling and transportation procedures are being developed in response to regulatory demands and rising environmental consciousness.
Due to rising demand and industrial expansion, the mining, dye and textile, and pharmaceutical industries are anticipated to grow at the quickest rates in the global sodium cyanide market. Due to the increase in gold production in mining, especially in emerging economies, a significant amount of sodium cyanide must be used to extract gold. Due to the growing demand for fashion worldwide, the dye and textile industries need sodium cyanide to process synthetic fibers. It is used in organic synthesis by the pharmaceutical industry, where demand for it is growing due to the increased manufacturing of complex chemical compounds and pharmaceuticals.
Analysis by Product
Liquid sodium cyanide is becoming more and more popular in the global sodium cyanide market as it is convenient to handle and effective when used, especially in the mining sector for gold leaching procedures. Improved safety features and accurate dosing systems are examples of innovations that reduce environmental impact and boost recovery rates. In order to comply with strict requirements, companies are concentrating on creating closed-loop systems for recovery and reuse as well as enhancing storage stability and transit safety. This will help to reduce any possible risks linked with the substance's liquid form.
As it is more stable, convenient to store, and more efficient to transport than liquid sodium cyanide, solid sodium cyanide is expected to grow at the quickest rate in the global sodium cyanide market. Due to its granular structure, which lowers the possibility of spills and leaks during handling, it is more attractive in areas with strict safety rules. Additionally, solid sodium cyanide's longer shelf life and less expensive transportation make it a preferred option for the expanding gold mining industry, especially in isolated places. These elements, together with its efficiency in processing ore, are what are causing its growing use.
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The expansion of the mining industry in recent years, especially in the U.S. market, which is largely focused on reducing its dependency on imports of minerals from other countries, is what is driving the need for sodium cyanide throughout the North American market. The U.S.-China trade war, which started in 2018, has made geopolitical unrest more intense, which has had a major effect on China's low-cost raw material imports. Sodium cyanide has a sizable market in the Asia-Pacific region, which is anticipated to expand throughout the projection period. This chemical is in high demand in a number of Asian nations, mostly from the mining, electroplating, and chemical synthesis sectors. These nations include China, Japan, and South Korea.
Latin America is the region with the greatest rate of growth in the global sodium cyanide market, primarily due to the robust mining activity in countries such as Brazil and Argentina. Europe continues to grow steadily due to strict laws that encourage the use of safer and more environmentally friendly chemicals, especially in mining and other industrial applications. The Middle East and Africa region is expanding at the same time as a result of a rise in mining activities and industrial development; South Africa, for example, is the world's top producer of gold, which increases the demand for sodium cyanide.
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Drivers
Expansion of the Mining Industry
Technological Developments in Mining
Restraints
Environmental and Health Concerns
No Development of Alternative Technologies
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A small number of multinational businesses control the majority of the sodium cyanide market worldwide; the top 10 corporations have between 55 and 60 percent of the market share. These businesses are making significant investments in R&D to produce eco-friendly goods, demonstrating the growing significance of sustainability in the sector. Important firms are also broadening their product offerings and pursuing mergers and acquisitions in order to hold onto and grow their market shares. As a result, smaller businesses are up against more competition and may even find themselves bought by bigger firms as the industry becomes more consolidated. The sector is expected to continue its trend of consolidation and sustainability investment, emphasising product innovation and responsible practices to keep up with changing consumer needs.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the demand for sodium cyanide, which is necessary for the gold leaching process, is expanding dramatically due to the growth of the gold mining industry, which is being driven by the increased demand for gold for use in electronics, jewellery, and as a safe haven for investments. In areas where environmental rules are stringent, the market for sodium cyanide is severely challenged by the health and environmental dangers it poses. These risks include the possibility of catastrophic leaks and increased regulatory attention.
With a majority market share of 55 to 60 percent, a small number of multinational corporations dominate the global sodium cyanide market. These companies are progressively emphasizing sustainability and growing their market share through acquisitions, mergers, and product diversification, which is increasing industry consolidation and competition for smaller businesses. Due to increased environmental laws, increased demands for social responsibility, and investments in technologies like closed-loop systems, the global sodium cyanide market is shifting towards safer and more sustainable cyanide methods in the gold mining industry.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 2202.25 million |
Market size value in 2031 | USD 3155.87 million |
Growth Rate | 4.6% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Million |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Sodium Cyanide Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Sodium Cyanide Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Sodium Cyanide Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Sodium Cyanide Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG10C2029